§ Mr. MossTo ask the President of the Board of Trade if he will make a further statement on the proposed transfer ofThe Independent newspaper.
§ Mr. HeseltineI have received a second application for my consent to acquire a controlling interest in Newspaper Publishing, owner ofThe Independent and The Independent on Sunday.The application is made by Independent Newspapers plc (INP). INP currently holds 24.99 per cent. of the shares in Newspaper Publishing. It has agreed, subject to securing my consent, to acquire a further 5 per cent. shareholding in Newspaper Publishing. My consent is required if INP wishes to acquire 25 per cent. or more of Newspaper Publishing.
I announced to the House on 17 February that I have received an application to acquire a controlling interest in Newspaper Publishing from a consortium including Mirror Group Newspapers. As with that application, I am considering whether I should give my consent to this second application without an inquiry by the Monopolies and Mergers Commission under section 58(3)(a) of the Fair Trading Act 1973.
This section gives me discretion to consent to a newspaper transfer without an MMC inquiry where I am satisfied that the newspaper concerned is not economic as a going concern and as a separate newspaper, and that, if the paper is to continue, the case is one of urgency. I am inviting comments from interested parties by 7 March on whether I should give my consent without an MMC inquiry.
I have placed in the Libraries of both Houses a note describing the main features of the proposed transaction and explaining how the newspaper merger provisions of the Act apply to this case.
I expect to make a further statement to the House announcing my decision following the period of public consultation.